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Don’t be fooled by quick recovery, Mark Carney cautions

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Bank of Canada chief Mark Carney warned against taking a faster-than-expected recovery to mean the financial crisis was less severe than advertised.

The International Monetary Fund last week revised its outlook for global economic growth this year to 4.2 per cent, from 3.9 per cent in January, and the Group of 20 finance ministers and central bank governors said Friday that the “global recovery has progressed better than previously anticipated.” The committee of finance chiefs that direct the work of the IMF made a similar statement at the end of its meeting on Saturday.

Mr. Carney, who participated in both meetings, said consumers, executives and investors would be wrong to conclude it is business as usual.

“Anyone who sits and looks at what happened and says, ‘Well, that wasn’t a Great Recession,’ hasn’t appreciated the scale of what was done to ensure an outcome that wasn’t as extreme as before,” Mr. Carney told reporters ...

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